Norstar Holdings Cash Flow Statement

Financials in millions ILS. Fiscal year is January - December.

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	101	-23	-57	-665	-768	354
Depreciation & Amortization	21	22	25	29	24	27
Asset Writedown	-638	-674	-38	767	450	-621
Stock-Based Compensation	1	2	5	5	16	19
Income (Loss) on Equity Investments	-82	-78	-114	2	51	-9
Change in Accounts Receivable	-145	-39	101	-45	61	-124
Change in Accounts Payable	-28	-146	-16	31	-106	55
Other Operating Activities	1,178	1,420	752	518	870	695
Operating Cash Flow	527	588	658	642	598	396
Operating Cash Flow Growth	-3.48%	-10.64%	2.49%	7.36%	51.01%	32.00%
Acquisition of Real Estate Assets	-494	-574	-787	-1,520	-1,382	-1,992
Sale of Real Estate Assets	1,739	1,293	1,791	1,413	1,918	1,492
Net Sale / Acq. of Real Estate Assets	1,245	719	1,004	-107	536	-500
Investment in Marketable & Equity Securities	-34	-17	32	234	255	-359
Investing Cash Flow	1,217	709	1,279	120	681	-826
Short-Term Debt Issued	-	-	-	458	702	-
Long-Term Debt Issued	-	4,160	6,718	2,423	331	5,228
Total Debt Issued	5,514	4,160	6,718	2,881	1,033	5,228
Short-Term Debt Repaid	-	-1,021	-1,842	-848	-	-1,184
Long-Term Debt Repaid	-	-4,814	-5,282	-3,389	-2,964	-2,598
Total Debt Repaid	-5,143	-5,835	-7,124	-4,237	-2,964	-3,782
Net Debt Issued (Repaid)	371	-1,675	-406	-1,356	-1,931	1,446
Issuance of Common Stock	-	-	-	298	129	-
Common Dividends Paid	-9	-9	-	-	-29	-23
Other Financing Activities	-1,724	-818	-61	-454	-1,345	1,814
Foreign Exchange Rate Adjustments	-82	-11	-98	-115	24	-278
Net Cash Flow	300	-1,216	1,372	-865	-1,873	2,529
Cash Interest Paid	833	800	906	804	753	801
Cash Income Tax Paid	82	21	150	39	135	118
Levered Free Cash Flow	-1,369	-1,964	222.88	-254	-201.13	990.13
Unlevered Free Cash Flow	-882.63	-1,440	793.5	302.88	111.38	1,447
Change in Working Capital	-54	-81	85	-14	-45	-69